Pitney Bowes sees another rise in revenue
Technology firm Pitney Bowes recorded its fourth-straight quarter of revenues growth, as it continued to benefit from a recent acquisition, according to its latest earnings report released Wednesday.
Second-quarter revenues for the Stamford-based company reached $861 million, up 18 percent from the same period in 2017. Profits totaled about $48 million, down 1 percent from a year ago.
“The second quarter was a step forward, but it’s nowhere near as good as it can be,” Pitney CEO and President Marc Lautenbach said on an earnings call Wednesday. “There’s more in front of us, but we’re pleased with the progress so far.”
Among other key indicators, commerce services’ revenues rocketed 70 percent to $362 million. The $475 million acquisition last October of parcel-logistics specialist Newgistics drove the increase.
“We knew the Newgistics acquisition would be terrific, and it is,” Lautenbach said.
Small- and medium-sized business solutions’ revenues dipped 7 percent to $408 million, as the division saw declines in equipment sales and recurring revenue streams.
Software solutions’ revenues rose 13 percent to $92 million, powered by growth in data, customer-information management and location intelligence services.
Among recent milestones, Pitney last month completed the sale of its Danbury-based Document Messaging Technologies production-mail business and supporting software for $361 million to investment firm Platinum Equity. The company will use most of the sale proceeds to pay down debt.
In recent months, Pitney officials have considered a range of options to spur growth after sluggish earnings in recent years. The firm announced in March it would not pursue a sale of the entire company.
In addition to its Stamford headquarters at 3001 Summer St., Pitney maintains offices in Shelton.
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